Chevron first-quarter profit down on weaker oil prices

Reuters

Chevron Corp , the second-largest U.S. oil company, posted a 4.5 percent decline in quarterly profit on Friday, pinched by weaker oil prices and work at its U.S. refineries.

First-quarter net income fell to $6.18 billion, or $3.18 per share, from $6.47 billion, or $3.27 per share, a year earlier.

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Fourth-quarter production was 2.65 million barrels of oil equivalent per day, up from 2.63 million a year earlier.

(Reporting by Braden Reddall in San Francisco; Editing by Gerald E. McCormick)